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MEDICINE HAT, AB, March 7 /CNW/ - Reece Energy Exploration Corp.
(TSX-V/RXR) ("Reece") today announced its intention, and its receipt of all
required regulatory approvals including approval by the TSX Venture Exchange
and compliance with applicable securities laws, rules and regulations, to
amend its normal course issuer bid (the "Bid") for its common voting shares
("Shares"). The amendment permits Reece to increase the number of Shares to be
repurchased during the course of the Bid. All the other terms of the Bid
remain unchanged.
Prior to amendment, Reece had approval to repurchase up to 100,000 Shares
during the 12 month period beginning December 5, 2006. After amendment, Reece
has approval to repurchase an aggregate total of up to 200,000 Shares during
the 12 month period beginning December 5, 2006, an increase of up to 100,000
common shares, being 2.38% of Reece's "Public Float" as defined in the
policies of the TSX Venture Exchange. The maximum number of common shares to
be repurchased by Reece will not exceed 10% of Reece's public float.
As at February 28, 2007, there are 17,770,566 Shares issued and
outstanding. Reece has already purchased with the intent to cancel 72,200
Shares under the Bid. The Bid will continue until the earlier of December 4,
2007, and the date by which Reece has acquired the maximum of 200,000 Shares
which may be purchased under the Bid. The Bid is expected to be made through
the facilities of the TSX Venture Exchange. The purchase and payment for the
securities will be made in accordance with Exchange requirements at the market
price of the Shares at the time of the acquisition. All Shares purchased by
Reece under the Bid will be cancelled.
As indicated in its December 4, 2006, press release, Reece has appointed
CIBC Wood Gundy Inc. as its broker to conduct normal course issuer bid
transactions. A Notice of Intention to Make an Issuer Bid has been filed with
the TSX Venture Exchange.
Reece believes that its Shares have been trading in a price range which
does not adequately reflect their value and that the purchase of the Shares
will enhance stockholder value in general.
Reece is a publicly held oil and gas company headquartered in Medicine
Hat, Alberta, Canada that trades on the TSX Venture Exchange under the symbol
"RXR".
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Statements in this release which describe Reece's intentions,
expectations or predictions, or which relate to matters that are not
historical facts are forward looking statements. These forward looking
statements involve known and unknown risks and uncertainties which may cause
the actual results, performances or achievements of Reece to be materially
different from any future results, performances or achievements expressed in,
or implied by such forward looking statements. Reece may update or revise any
forward looking statements, whether as a result of new information, future
events or change in market and business conditions.